Chevron’s Second-Quarter Profit Hits Record on Crude Rally
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Chevron Corp. said net income climbed 43 percent to a second-quarter record as rising energy demand and the Libyan civil war drove crude above $125 a barrel for the first time in 2 1/2 years.
Higher crude prices triggered contractual clauses in some nations that reduced the company’s share of output, pushing Chevron’s worldwide production down 1.9 percent to the equivalent of 2.69 million barrels of crude a day. The full-year output estimate was lowered by 2.2 percent today to 2.73 million barrels a day, due in part to the crude rally.